Investment selection has become increasingly complex due to ever larger numbers of security types and financial instruments on the one hand and an expanding number of investment parameters or data fields that are offered by information sellers, especially electronic information sellers, on the other hand. For example, more than 100 data categories for each of 9,000 mutual funds are tracked by the Morningstar Principia software product available from Morningstar, Inc. Another service, the Value Line Mutual Fund Survey, available from Value Line, Inc., covers more than 150 data categories for more than 8,200 mutual funds.
Using such software systems to select a manageable number of funds for detailed analysis involves making a sequence of filter passes to reduce the size of the universe until that manageable number is reached. The process is inherently difficult because the spread sheets are so large. The user must first scroll horizontally to identify those data fields of interest, with considerable risk of confusion and error. Then filter criteria have to be specified by what amounts to cut and try methods since the data fields are much too long to indicate to the naked eye the range and distribution of values therein. Also, in these products, the user must effectively change display screens, obscuring the spreadsheet screen in favor of a filter criteria screen. To reaccess the spread sheet after a filter pass, the filter conditions must be removed from view. To maintain orientation the user is forced to an awkward process of switching back and forth between the spreadsheet screen and filter criteria screen.
These products are not easy to use. Using them well requires much training and skill. Even then the procedures are likely to be time-consuming for most operators. What is needed is a system that is easy to access for the rapid selection of filter conditions.
The present invention provides such a system. It presents investment parameters and parameter limiters in a manner that allows a user to rapidly establish a filter condition for a filter pass through the data.
The present invention also provides a method of conducting a search of a universe of financial instruments by visually presenting a population graphic showing the population of the financial instruments in different distribution categories as an aid for filter condition selection